On January 26, the Hong Kong stock market saw a net outflow of HK$826 million from northbound capital, with the Shanghai-Hong Kong Stock Connect recording a net outflow of HK$187 million and the Shenzhen-Hong Kong Stock Connect recording a net outflow of HK$638 million. The stocks that received the most net buying from northbound capital were TENCENT (00700), Xiaomi Group-W (01810), and POP MART (09992). The stocks that experienced the most net selling were China Mobile (00941), Zijin Mining Group (02899), and the Tracker Fund (02800). TENCENT (00700) attracted net buying of HK$1.015 billion. This follows the announcement by TENCENT's Chairman, Pony Ma, at the company's annual meeting on January 26, designating 2025 as the "AI Year" and revealing that its AI application "Yuanbao" will launch a Spring Festival cash giveaway activity distributing 1 billion yuan starting February 1. Ma explicitly stated his hope that this substantial subsidy initiative will replicate the phenomenal success of the WeChat "Shake" red packet campaign, which successfully engaged hundreds of millions of users. POP MART (09992) received net buying of HK$613 million. Citi has expressed optimism that POP MART's breakthroughs in IP diversification, product innovation, and multi-sector monetization capabilities will underpin its growth momentum in 2026. The bank believes that the market continues to undervalue the vitality of POP MART's IP and its incubation capabilities. With the highly successful launch of major new products outside the LABUBU series and the recent initiation of a share buyback plan, investor confidence is expected to strengthen further. Junda (02865) attracted net buying of HK$147 million. On January 14, Junda announced its intention to invest 30 million yuan in cash to acquire a stake in Shanghai Xingyi Xinneng Technology Co., Ltd., subscribing for newly added registered capital of 461,539 yuan to obtain a 16.6667% equity interest, marking a strategic extension from terrestrial photovoltaics to space-based photovoltaics. Subsequently, on January 23, the company issued another announcement clarifying that the comprehensive cost-effectiveness of perovskite photovoltaic technology in the extreme environment of space still requires verification and that no formal business agreement has been signed with its investee company, Xingyi Xinneng, regarding space photovoltaics. CNOOC (00883) received net buying of HK$107 million. Geopolitical tensions involving Iran and Cuba have intensified. Everbright Securities released a research note stating that, in the long term, persistent global instability and geopolitical uncertainties are expected to underpin a favorable oil price environment. Furthermore, the International Energy Agency (IEA) has raised its crude oil demand forecast for 2026, projecting global demand growth of 930,000 barrels per day, up from 850,000 barrels per day in 2025. LAOPU Gold (06181) surged over 12% during the trading session, prompting some northbound capital to sell at the highs, resulting in a net outflow of HK$78.82 million for the day. From January 24 to February 14, the SKP system is hosting its annual New Year consumption season. Data from various SKP stores indicates that demand for high-end gold products continues and is intensifying, with LAOPU Gold stores in cities like Beijing, Xi'an, Chengdu, and Wuhan again experiencing concentrated queues, and customer traffic volumes have increased compared to the same period last year. Citi noted that LAOPU Gold's New Year sales have gotten off to a robust start. The Tracker Fund (02800) suffered a net outflow of HK$1.035 billion. Recent market rumors suggested that mainland China would tighten restrictions on companies seeking to conduct IPOs in Hong Kong. In response, Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, stated at the 19th Asian Financial Forum that approximately 11 new stocks have already listed in Hong Kong in the first month of this year, with over 350 additional companies queuing for listing, reflecting strong market enthusiasm. Hong Kong maintains close communication with mainland regulators to ensure it remains the premier fundraising platform for both mainland regional and global enterprises. Zijin Mining Group (02899) experienced a net outflow of HK$1.076 billion. According to an update on Zijin Mining's official WeChat account, the Phase II expansion project of its Julong Copper Mine was officially completed and commenced operation on January 23; upon reaching full capacity, it will achieve a total production scale of 350,000 tonnes per day. Separately, the Shanghai Securities News reported that unusual volatility recurred during the closing call auction in the A-share market today, with several core heavyweight stocks simultaneously seeing substantial sell orders pressure their prices, including sell orders for Zijin Mining exceeding 4 billion yuan. Additionally, Xiaomi Group-W (01810) attracted net buying of HK$822 million, while China Mobile (00941), Alibaba-W (09988), and China Life Insurance (02628) saw net outflows of HK$1.176 billion, HK$235 million, and HK$106 million, respectively.
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